News Ways to Prepare for a Job Loss

Ways to Prepare for a Job Loss


Are you at risk of losing your job? Companies are still downsizing and for many people layoffs are imminent. If your job is at risk, either through termination or layoff, there are several things you can do to prepare yourself financially for being temporarily unemployed.

Devise a plan to search for a new job. Update your resume and create a list of potential employment contacts. Speak to anyone you would like to list as a reference; explain to them that you will be seeking new employment soon and ask if they would be willing to be a reference for you.

Cut any unnecessary expenses until you know how much money you will have every month and what you will be able to afford. Be creative; you might find some things you can temporarily do without.

Try to live on 75% of your current income. Pay off any debt as quickly as possible and bank the rest. You’ll want to have a cushion in your bank account if you don’t find another job right away and having less outstanding debt will make it easier to meet your monthly financial obligations.

Look ahead for large expenses that could arise within the next year, such as medical issues, home projects or vehicle repair. Part of what you’re saving can be earmarked for these items.

Make any required medical, dental or vision appointments while you’re still employed and have insurance and can afford the patient responsibility portion of the medical bills.

Perform a larger share of the household chores so that your partner can work longer hours and earn more income, if that option is possible.

Plan inexpensive but fun outings, even if you can save up only a few dollars a week toward the expense. Being unemployed can be stressful and you’ll need some fun activities to look forward to once in a while during the job hunting process.

Preparing for a job loss can be stressful, but with some careful planning and thoughtful financial choices, the impact to your household can be more manageable.

Ways to Prepare for a Job Loss
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

Latest news

Japanese Owl Meaning and Symbolism

If you're wondering about the Japanese owl meaning and symbolism in Asian cultures, the Owl, along with Maneki Neko...

What Are the Signs of Depression in Women

Gender and depression have long been the scope of research in the field of emotional disorders; most authors believe...

Top 7 Superfoods for Men to Stay Young

Superfoods are generally regarded as targeted foods that provide the maximum nutritional benefit - thus these foods are nutritionally-dense...

Best Brain foods for Kids – Boost Brain Power and Keep Sharp

A child's brain is developing rapidly and if you want them to improve their performance in school and their...

7 of the Best Brain Foods for Studying

The foods that you eat can improve the functioning of your brain. Just like drugs, foods have amino acids,...

B12 Shots for Dogs – 10 Key Benefits

The end of 2010, my little dog -- a 7-pound Papillon -- became very stressed after a flood in...

Must read

The Importance of Having a Circle of Professionals

If you want to be successful in life,...

The Best One to Use When Re-Upholstering Antique Furniture: Tacks or Staples?

Having antique pieces of furniture at home is definitely...
- Advertisement -

You might also likeRELATED
Recommended to you